14 September 2005 – The Philippine Embassy in New Delhi reported to the Department of Foreign Affairs that its active campaign to promote the country as an ideal investment destination for India's big businesses gains ground with the recent visit to the Philippines by major Indian investors from the Confederation of Indian Industries (CII) - Goa Council from 08 to 12 August 2005.

In the five-day visit to the Philippines, members of the trade mission, headed by Mr. Vijay S. Hede, Chairman of the Cll Goa Council, met with the country's trade officials and members of the private sectors. They were so much convinced of the country's huge potential for investments in mining, pharmaceutical and manufacturing projects.

Through the Embassy's support, the trade group held important meetings with the Department of Trade and Industry (DTI), Board of Investments (BOI), Philippine Chamber of Commerce and Industry (PCCI), the Philippine Export Zone Authority (PEZA), the Philippine International Trading Corporation (PITC) and Filipino companies from the pharmaceutical shipping and printing sectors,

In the visit, an Indian mining company, Cll Goa Council's H L. Nathurmal signed a Memorandum of Understanding with Abra Mining in the production of iron ore in the Philippines. The partnership aims to profit from today's growing demand for iron ore worldwide, particularly China.   About half of India's total 60 million iron ore exports, around 37 million metric tons, come from India's Goa. Once finalized, the investment will be the first Indian mining investment in the country.

Aside from mining, Line Pen and Plastics Limited is keen to establish a ball pen factory one of the country's economic zones with an initial capital of 51 million to produce 500,000 pens a day and to require 500 workers. END